Union Minister, Nirmala Sitharaman, has assured trade and industry that their grievances on GST would be taken up with the government and she would personally recommend having a review three months after its implementation. Responding to queries about fixing the slab for different trades and…
Tag: GST
National Flag, temple offerings and Gandhi caps will need e-waybills under GST
The National Flag, temple prasadam, khadi fabric, and Gandhi caps may be exempt from Goods and Services Tax, but for their transportation, the Centre is considering mandating the generation of e-waybills once that system is operationalised. Transporting currency, LPG, and kerosene oil, however, w…
New tax regime to create need for 1.3 m professionals; India Inc rush to get GST math right
GST has infused optimism in the job market. As the goods and services tax rollout date nears, companies across sectors are rushing to get their GST teams in place, leading to a jump in demand for tax and technology professionals. The demand is being led by the FMCG sector, followed by consumer go…
‘MSMEs all set to embrace GST challenges’
The CII MSME Summit titled, ‘Breaking Barriers to Excellence: Unlocking Hidden Potential,’ echoed the preparedness of MSMEs to adopt the GST regime. Alongside, the MSMEs seek support from the government for training and awareness programmes on how to implement it, which is critical fo…
With 9 days to GST rollout, Anti-Profiteering rules still a major concern for Telangana MSMEs
With less than 10 days left for the Goods and Services (GST) regime to come into effect, apprehensions about anti-profiteering and penalties have been worrying Micro, Small and Medium Enterprises (MSMEs) in the state. So far, 85 per cent of traders across the state have registered themselves unde…
The flip side of GST: Its impact on the informal economy
The markets are gung-ho about the shift to the goods and services tax (GST). One factor driving this optimism is the anticipated shift of business from small, unorganized firms in some sectors to organized ones. Since the latter are already in the formal economy, comply with regulations, are gene…
GST enforcement will be lenient during initial period: Commerce Secretary
To allay the fears of the exporting community, the Commerce Ministry on June 21 said that enforcement would not be harsh during the initial period of GST implementation from July 1. “Any transition will require some adjustment. Exporters will get an extended two months time for filing retur…
Govt to make companies pay if they fail to pass on GST benefits to consumers
The central government on June 20 notified anti-profiteering rules to ensure that businesses pass on the benefit of reduced indirect tax to customers once the proposed goods and services tax (GST) comes into force on 1 July. Failing to pass on the GST benefits could cost businesses their registra…
GST risky for SME lenders due to near-term uncertainty: Ambit Capital
The implementation of goods and services tax (GST) and continued impact of demonetisation in some segments are likely to be high asset quality risks for small and medium enterprise (SME) lenders, said Ambit Capital Pvt. Ltd. According to the brokerage firm, many micro, small and medium enterprise…
Make in India programme for SMEs in pharma sector a mirage: Anjan K Roy
Union government’s Make in India programme is just a mirage for the small and medium pharma companies because drug manufacturing is capital intensive activity. Instead the sector is grappling with rigid price controls and ban on fixed dose combination (FDC) issues, said Anjan K Roy, founder, RL F…